Manchester United have seen their share prices rise by 6.43 per cent on the New York Stock Exchange (NYSE)

Manchester United stock prices peaked at £11.29 in the afternoon and at the close of the day it stood at £11.16 - a rise of 5.98 per cent for the day.

It comes after £20m was knocked off the price off United yesterday as uncertainty surrounded the club prior to Moyes's sacking.

Legendary United player Ryan Giggs, 40, has been named interim manager for the club and the decision appears to have won the confidence of investors.

Analysts believe owners the Glazer family had reached a tipping point where the team's poor performances threatened to affect the club's finances.

The anticipated new kit deal with Nike has been much-delayed but it is hoped that will be confirmed soon.

Ryan Giggs has been appointed interim manager at Manchester United after the sacking of David Moyes [REUTERS]

London-based financial analyst Andy Green, who advises the Manchester United Supporters' Trust, said: "It's telling that there was a level of underperformance the owners could tolerate and a level they couldn't and it's interesting where that level was.

"You can have transition but decline is a different thing entirely and Nike would have not wanted to announce a huge new sponsorship deal while the situation - and the football - has been so dire."

The sacking of Moyes was announced by Manchester United after 8.30AM after the Scotsman met with the Red Devils executive vice-chairman Ed Woodward.

In a short statement United said Moyes had departed and they "would like to place on record its thanks for the hard work, honesty and integrity he brought to the role".